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Mumbai-headquartered private equity firm Multiples Alternate Asset Management Pvt Ltdhas announced the first close of its fourth fund at $640 million.

The new fund is targeting a total corpus of $800 million, with a hard cap of $1 billion, to be closed by the end of the 2024 financial year, according to several media reports.

Canada Pension Plan Investment Board and World Bank’s investment arm International Finance Corporation are the marquee investors in the fund. Other investors include State Bank of India, private insurance companies, and domestic family offices.

“We are excited about the India opportunity and the tremendous entrepreneurial energy that’s propelling the country forward,” said Sudhir Variyar, Managing Director and Deputy CEO, Multiples, in a statement. 

Founded by Renuka Ramnath in 2009, Multiples focuses on core sectors such as financial services, healthcare, pharmaceuticals, consumer, and technology.

The PE firm has backed 30 companies from its previous funds, including unicorns Delhivery, Acko, Dream Sports and Licious. It currently manages close to $3 billion across three funds.

Multiples identifies technology-led shifts and invests in them at their inflection point, said the statement.